In this issue, we cover regulatory developments impacting the investment management sector, including the Securities and Exchange Commission’s (SEC’s) focus on the annual 15(c) advisory contract approval process for fund...more
The investment management industry faces a range of proposed new SEC regulations, including ESG and fund name rules, and the agency is seeking comments that could lead to other new rules. Also, a reminder of approaching...more
In this issue, we cover regulatory developments impacting the investment management sector, including updates on closed-end fund activism; new SEC proposals; and the impact of Russia sanctions on disclosure obligations and...more
In this issue, we cover regulatory developments impacting the investment management sector, including proposed legislation supported by the Investment Company Institute to address challenges for closed-end funds; the...more
12/9/2021
/ Business Development Companies ,
Closed-End Funds ,
Corporate Governance ,
Disclosure Requirements ,
Investment Adviser ,
Investment Management ,
Proxy Advisory Firms ,
Proxy Season ,
Registered Investment Companies (RICs) ,
Rule 14a-8 ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals
In this issue, we cover regulatory developments impacting the investment management sector, including updates on activism activity during the 2021 proxy season, as well as the status of multiple SEC and NYSE proposals,...more
This issue discusses a variety of legal, regulatory and enforcement developments in the digital asset space in the U.S. and Europe....more
4/19/2021
/ Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Ethereum ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
Virtual Currency
In this issue, we provide a summary retrospective of regulatory, litigation and industry developments impacting the investment management sector during the second half of 2020, including SEC guidance and exemptive orders...more
1/5/2021
/ Broker-Dealer ,
Closed-End Funds ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Division of Trading and Markets ,
Executive Orders ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
New Rules ,
No-Action Relief ,
OCIE ,
Rule 14a-8 ,
Securities and Exchange Commission (SEC) ,
Virtual Meetings
On November 19, 2020, U.S. Representative Anthony Gonzalez (R-OH) introduced the Increasing Investor Opportunities Act (IIOA). The IIOA, among other things, would require private funds to comply with the 10% limitation on...more
12/3/2020
/ Closed-End Funds ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Funds ,
Private Equity ,
Private Equity Funds ,
Rule 12d1-4 ,
Securities and Exchange Commission (SEC) ,
Undue Influence Claims
On October 7, 2020, the Securities and Exchange Commission (SEC) adopted Rule 12d1-4 (Final Rule or Rule 12d1-4) under the Investment Company Act of 1940 (1940 Act) in an effort to streamline and enhance the regulatory...more
11/6/2020
/ Closed-End Funds ,
Exemptive Orders ,
Final Rules ,
Form N-CEN ,
Fund of Funds ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
New Rules ,
Rule 12d1-4 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Voting Requirements
In this issue, we summarize regulatory, litigation and industry developments from October 2019 to early January 2020 impacting the investment management sector, including SEC action on use of derivatives by registered...more
1/16/2020
/ Activist Investors ,
BDC ,
Bench Trial ,
Breach of Contract ,
Class Action ,
Closed-End Funds ,
Comment Period ,
Cross-Border ,
Derivatives ,
ETFs ,
Exemptive Relief ,
Fee Disclosure ,
Filing Fees ,
Investment Adviser ,
Investment Management ,
Libor ,
MiFID II ,
Mutual Funds ,
OCIE ,
Proposed Amendments ,
Proposed Rules ,
Proxy Access Rule ,
Proxy Voting Guidelines ,
Registered Investment Companies (RICs) ,
Regulatory Requirements ,
Risk Alert ,
Rule 10(b) ,
Rule 18f-4 ,
Rulemaking Process ,
Section 11 ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Settlement Agreements ,
Settlement Negotiations ,
Shareholder Proposals ,
Solicitation Provisions ,
Testing-the-Waters Communications
On November 5, 2019, the Securities and Exchange Commission (SEC) issued two releases proposing a number of amendments to the federal proxy rules. The first would change certain procedural requirements relating to the...more
In this issue, we summarize regulatory, litigation and industry developments from May to September 2019 impacting the investment management sector, including SEC action on standards of conduct for broker-dealers and...more
9/26/2019
/ Activist Investors ,
Bad Actors ,
Breach of Duty ,
Broker-Dealer ,
Class Action ,
Closed-End Funds ,
Conflicts of Interest ,
Custody Rule ,
Derivatives ,
Digital Securities ,
Disclosure Requirements ,
Dismissals ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Failure To Disclose ,
Financial Statements ,
Fund Managers ,
Independent Audits ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Libor ,
Mutual Funds ,
OCIE ,
Offerings ,
Pooled Investment Vehicles ,
Private Right of Action ,
Proxy Voting ,
Regulation S-K ,
Revenue Sharing ,
Risk Alert ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Shareholder Litigation ,
Standard of Conduct ,
Waivers
On August 21, 2019, the Securities and Exchange Commission (SEC), by a 3-2 vote, issued two separate releases providing interpretive guidance relating to the proxy voting process. One release addresses the proxy voting...more
8/27/2019
/ Anti-Fraud Provisions ,
Corporate Governance ,
Institutional Shareholder Services (ISS) ,
Interpretive Rule ,
Investment Adviser ,
Investment Management ,
Proxy Advisory Firms ,
Proxy Season ,
Proxy Voting ,
Proxy Voting Guidelines ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
In the inaugural issue of Investment Management Update, we summarize regulatory, litigation and industry developments from February 2019 to May 2019 impacting the investment management sector....more
6/18/2019
/ Amended Rules ,
Bitcoin ,
BlackRock ,
Broker-Dealer ,
Business Development Companies ,
Closed-End Funds ,
Compliance ,
Corporate Issuers ,
Custody Rule ,
Digital Assets ,
Disclosure Requirements ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Emerging Growth Companies ,
ETFs ,
Excessive Fees ,
Exemptive Relief ,
Exhibit Issues ,
Filing Requirements ,
Financial Statements ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Form N-PORT ,
Fund of Funds ,
Hyperlink ,
Incorporation by Reference ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Management ,
Modification ,
Mutual Funds ,
No-Action Letters ,
Personally Identifiable Information ,
Popular ,
Proposed Rules ,
Redaction ,
Regulation S-K ,
Regulation S-P ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Tokens ,
Securities Violations ,
Testing-the-Waters Communications ,
Voting Requirements ,
XBRL Filing Requirements
On June 4, 2019, a hedge fund managed by Saba Capital Management L.P. filed lawsuits in Delaware Chancery Court and in Maryland Circuit Court against three BlackRock-managed registered closed-end funds, the trustees/directors...more
6/10/2019
/ BlackRock ,
Board of Directors ,
Class Action ,
Class Certification ,
Closed-End Funds ,
Defense Strategies ,
Hedge Funds ,
Investment Adviser ,
Litigation Strategies ,
Long-Term Investment Funds ,
Proxy Contests ,
Retail Investors ,
Trump Administration ,
Trustees
In the first trial of a recent wave of cases under Section 36(b) of the Investment Company Act, Judge Peter G. Sheridan of the U.S. District Court for the District of New Jersey ruled in favor of the defendant-adviser,...more
The staff of the SEC Division of Corporation Finance (Staff) recently issued new Compliance and Disclosure Interpretations (CDIs) and an interpretive letter regarding the general solicitation prohibition in securities...more
8/14/2015
/ Administrative Interpretation ,
Angel Investors ,
CDIs ,
Compliance ,
Corporate Issuers ,
Disclosure ,
General Solicitation ,
Interpretive Letters ,
Investment Adviser ,
No-Action Letters ,
Rule 506 Offerings ,
Securities and Exchange Commission (SEC)